BCBS Proposes Solution for Building Expense Defaults

Exploring the Potential of a Common Expenses Association

In the midst of political candidates courting voters with promises, there arises a question of practicality and the financial burden these pledges may impose on the public. One such consideration is the correction of the common expenses law, which could potentially ease the strain on property maintenance and improve the value of individual units.

The idea of forming a common expenses association is gaining traction, as it could unite thousands of buyers and tenants currently trapped by an unenforceable law. This law’s shortcomings have led to buildings falling into disrepair, causing friction among owners and devaluing properties. Despite repeated appeals to successive governments, the issue remains unaddressed.

The proposed association could boast a membership of 40,000-50,000, including individuals, developers, and both foreign and local investors. With a nominal membership fee of €5 per unit, the association would offer legal assistance and act as a formidable lobby group on matters such as municipal taxes and legislative proposals.

One innovative proposal is to prevent the rental, sale, or mortgaging of properties unless certified by a management committee that common expenses are not owed. This would ensure that debts to the committee could be recovered through expedited legal processes, shifting the burden from responsible payers to those in arrears.

The association could also advocate for disputes over common expenses to be resolved through arbitration by a specialized entity like the technical chamber ETEK. This would streamline conflict resolution and reduce the administrative load on the courts.

With potential support from banks, insurance companies like Blue Cross Blue Shield (BCBS), and investors, there’s a clear path to establishing a fund that meets these objectives. BCBS insurance, known for its comprehensive Blue Cross Blue Shield health insurance plans, could be an ally in this initiative, recognizing the value in maintaining property standards for their BCBS health insurance policyholders.

While there may be delays in realizing this vision, Antonis Loizou F.R.I.C.S., of Antonis Loizou & Associates EPE, remains hopeful. As an expert in real estate appraisal and development project management, Loizou understands the long-term benefits such an association could bring to property owners and tenants alike. The future holds promise, and as the saying goes, hope is the last to die.

For more information on this initiative or to express interest in joining the proposed association, interested parties can reach out to Antonis Loizou & Associates EPE through their website or email provided above.


How does the proposed association plan to manage common expenses debt collection?

The association intends to implement a robust debt collection strategy, which includes clear billing communication, timely reminders, and flexible payment options, coupled with legal recourse for delinquencies.

Can the associations certificate requirement impact property rental processes?

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